HAMILTON, Bermuda & NEW YORK--(BUSINESS WIRE)--On 27 March 2017, the Bank of N.T. Butterfield & Son Limited
(“Butterfield”) (NYSE: NTB) (BSX: NTB.BH) distributed a proxy statement
(the “Proxy Statement”) and related proxy material soliciting votes from
its shareholders in connection with its upcoming Annual General Meeting
which will be held on Friday, 28 April 2017.

The following information is to provide Butterfield shareholders with
supplemental information related to Proposal 4: Election of Directors,
and in particular the proposal to elect E. Barclay Simmons as a Director.

Proposal 4: Election of Directors, requests
the following shareholder approval for each of the following nominees:

To elect each ofE. Barclay Simmons, Michael Collins, Alastair
Barbour, James F. Burr, Caroline Foulger, Conor O’Dea, Wolfgang
Schoellkopf, John Wright, and David Zwiener as a Director of the Bank to
hold office until the close of the 2018 Annual General Meeting or until
his or her successor is elected or appointed.

Director Independence Assessment

In September 2016, Butterfield completed an initial public offering
(“IPO”) of its voting ordinary shares on the New York Stock Exchange
(the “NYSE”). Prior to the IPO, Butterfield’s voting ordinary shares
were listed on the Bermuda Stock Exchange (the “BSX”). Following the
IPO, Butterfield’s ordinary voting shares are listed on both the BSX and
the NYSE. As a dual-listed company, Butterfield is subject to the rules
of both the BSX and the NYSE. As a foreign private issuer, Butterfield
is permitted by the listing rules of the NYSE to follow “home country”
corporate governance practices in lieu of the corporate governance
standards applicable to US NYSE-listed companies. As stated in
Butterfield’s Annual Report on Form 20-F, the Board deemed Mr. Simmons
to be independent under its corporate governance guidelines, which are
consistent with Bermuda corporate governance practices. On the basis of
the Board’s independence assessment, Mr. Simmons currently serves as a
member of Butterfield’s Corporate Governance Committee and Compensation
& Human Resources Committee.

Notwithstanding the independence assessment noted above, Mr. Simmons has
elected the step down as a member of Butterfield’s Corporate Governance
Committee and Compensation & HR Committee effective today. Mr. David
Zwiener was appointed as a member of the Compensation & Human Resources
Committee effective today. As such, each of these committees is composed
entirely of independent directors under Butterfield’s corporate
governance guidelines. These committee members would also be deemed
independent under the NYSE rules applicable to US-listed companies.

External Public Company Directorships

With respect to Alastair Barbour’s candidacy, Mr. Barbour serves on the
boards of directors of six public companies. In assessing Mr. Barbour’s
service to the Butterfield Board, the Board has affirmatively determined
that Mr. Barbour’s simultaneous service has not and is not expected to
impair his ability to effectively serve on the Butterfield Board.

Forward-Looking Statements

This supplemental proxy information contains forward-looking statements
by Butterfield. Forward-looking statements may generally be identified
by the use of words such as "anticipate," "believe," "expect," "intend,"
"plan," and "will" or, in each case, their negative, or other variations
or comparable terminology. These forward-looking statements include all
matters that are not historical facts. By their nature, forward-looking
statements involve risks and uncertainties because they relate to events
and depend on circumstances that may or may not occur in the future. As
a result, actual events may differ materially from those expressed in or
suggested by the forward-looking statements. Any forward-looking
statement made by Butterfield in this supplemental proxy information
speaks only as of the date hereof. New risks and uncertainties come up
from time to time, and it is impossible for Butterfield to predict these
events or how they may affect it. Butterfield does not intend to update
any forward-looking statements after the date hereof, except as required
by law.

About Butterfield

Butterfield is a full-service bank and wealth manager headquartered in
Hamilton, Bermuda, providing services to clients from six jurisdictions:
Bermuda, the Cayman Islands and Guernsey, where our principal banking
operations are located; and The Bahamas, Switzerland and the United
Kingdom, where we offer specialised financial services. Banking services
comprise retail and corporate banking. Wealth management services are
composed of trust, private banking, and asset management. In Bermuda and
the Cayman Islands, we offer both banking and wealth management. In
Guernsey, The Bahamas and Switzerland, we offer wealth management. In
the UK, we offer residential property lending. Butterfield is publicly
traded on the New York Stock Exchange (symbol: NTB) and the Bermuda
Stock Exchange (symbol: NTB.BH). Further details on the Butterfield
Group can be obtained from our website at: www.butterfieldgroup.com.

Contacts

The Bank of N.T. Butterfield & Son LimitedMark Johnson,
441-299-1624Cellular: 441-524-1025Fax: 441-295-3878Vice
President, Group Head of Communicationsmark.johnson@butterfieldgroup.com

Contacts

The Bank of N.T. Butterfield & Son LimitedMark Johnson,
441-299-1624Cellular: 441-524-1025Fax: 441-295-3878Vice
President, Group Head of Communicationsmark.johnson@butterfieldgroup.com